Browsing: Loan facility

• Congo is working to increase its crude oil and gas production ahead of OPEC negotiations in November.
• Afreximbank is offering $300 million loan to Trident OGX Congo to increase crude oil production by 30%.
• Congo-Brazzaville’s production is expected to rise to 400,000 barrels per day by next year.

Congo is rolling out a plan to increase crude oil and gas production ahead of vital negotiations over OPEC production baselines in November. In the latest move, the African Export-Import Bank (Afreximbank) has entered into an agreement to provide a $300 million loan to Trident OGX Congo aimed at increasing the country’s crude oil production by 30 per cent. 

The $300 million loan will enhance Congo’s crude oil output significantly within a year, and double gas production in two to three years, effectively stepping up the country’s 2024 output quota. 

Congo-Brazzaville’s production is currently just below 300,000 barrels of oil equivalent per …

• Financing will create more jobs, and reduce national expenditure on the importation of milk and dairy products. It will also improve the nutritional status of Nigerians.
• The credit scheme also seeks to reduce protracted conflict between farmers and herders as well as drive investments in the industry.
• Ministry of Agriculture says plan will improve security and foster harmonious existence between farmers and herders.

Livestock farmers across Nigeria are set to benefit from a $10.8 million credit scheme that seeks to enhance their business value chains and attract more investors in the sector.

According to the Minister of Agriculture and Rural Development, Mohammad Mahmood Abubakar, the $10.8 million credit scheme targeting livestock farmers, will be run by the Bank of Agriculture. 

Mr Abubakar said Nigeria is committed to reforming the livestock sector with notable programmes such as the National Livestock Transformation Plan, and Livestock Productivity Resilience and Support Plan, among others.…

• Data by the World Bank Group reveals that Kenya’s electrification rate currently stands at 70 per cent
• Easing the financial access barrier for end-users has improved the uptake of home solar systems over the past decade. 
• The Kenya National Electrification Strategy highlights the Kenyan government’s plans to scale up off-grid electrification with ambitions to establish two million new connections through standalone solar home systems by 2022. 

Bboxx Kenya is set to receive a US$14 million (Ksh1.6 billion) loan facility from SBM Bank Kenya aimed at connecting 470,000 Kenyan households to renewable energy sources.

GuarantCo, a fund backed by the governments of UK, Switzerland and Australia among others, is guaranteeing Ksh1.2 billion or 75 percent of the loans.

“SBM Bank is elated to spur the growth of the energy sector in Kenya through partnerships with like-minded entities such as Bboxx and GuarantCo,” SBM Bank Kenya’s deputy chief executive officer Jotham Mutoka …